Following the Financial Secretary to the Treasury’s statement in the Commons on the banks in Cyprus, Harriett Baldwin asks what advice should be given to pensioners living in Spain and Portugal? Harriett Baldwin (West Worcestershire) (Con): Whatever the Cypriot Parliament decides this week, this has been a torpedo across the European banking system. What advice would the Minister give to pensioners who live in Spain and Portugal about whether they should maintain large deposits in eurozone banks? Greg Clark: I agree that this is a warning and that it is necessary to have more robust financial arrangements in place to prevent this sort of crisis from happening in other countries. However, I reinforce the advice of the ECB that this problem is unique to Cyprus, which is particularly exposed and is in a state of particular indebtedness. | Hansard